MOSCOW, Nov 28 (PRIME) -- The Russian stock market declined on Monday on the back of the oil prices decline and the increased risks of a slowdown in the Chinese economy over the resumption of strict lockdowns, analysts said.
The MOEX Russia Index fell 0.81% to 2,177.45 and the RTS decreased 1.63% to 1,122.46.
“Negative dynamics on the local platforms are explained by a fall in the oil prices to the levels of early 2022. The additional negative background is created by concerns about increased risks of China's economy slowdown,” Freedom Finance Global’s Senior Analyst Natalya Milchakova said.
The concerns are caused by the resumption of strict lockdowns, which led to a sharp surge of social tensions in a number of major industrial centers of China, Milchakova added.
According to PSB Bank senior analyst Yegor Zhilnikov, the Russian stock market was under pressure because of “the collapse of the commodity market” on the back of new fears about the COVID-19 outbreak in China. Trading activity remained low, and “there was not a large number of corporate ideas on the market,” he added.
Cherkizovo stocks with a 2.61% rise were the growth leader on the news of the planned expansion of its presence in the Orenburg Region and construction of a breeding and genetic center, Milchakova said. Polyus with a 2.03% rise was supported by its status of a defensive asset amid falling oil prices.
Yandex depository receipts, which decreased 5.07%, were among the decline leaders after the official confirmation of plans to restructure the group's business, Milchakova said. Novatek stocks with a 2.8% fall were under pressure over reports on the ongoing discussion of a Russian gas price cap.
Below are the MOEX Russia Index’ five most active stocks on Monday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | -0.56 | 135.02 | 5.579 |
| Yandex | -5.07 | 1995 | 4.065 |
| Polyus | +2.03 | 6971 | 2.511 |
| Lukoil | -1.07 | 4647 | 1.875 |
| Gazprom | -0.25 | 168 | 1.501 |
(60.4797 rubles – U.S. $1)
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